July 16, 2015 |
By Harold Brubaker Picwell, a Philadelphia start-up with a system that analyzes 900,000 variables to help consumers evaluate health insurance plans, said it completed its first significant round of venture capital financing, raising more than than $4 million. The lead investor was MassMutual Ventures, the corporate venture capital arm of Massachusetts Mutual Life Insurance Co., of Springfield, Mass. Picwell, founded in late 2013, can help employees choosing between different plans offered by their employer save the equivalent of one paycheck per year, Picwell CEO Jay Silverstein, said in an interview last month.
February 11, 2015 |
Venture-capital funding of drug research and development has shifted in recent years to specialty and rare-disease medicines, according to a report released Monday by BIO, the biotechnology trade organization. Those medicines often carry high price tags that insurers have thus far fought less than some other drugs because there are no or few alternatives. "VCs will pull back from areas that are seen as having unfavorable or unpredictable regulatory and reimbursement hurdles," the BIO report said.
September 18, 2014 |
TRENTON - The director of the agency that manages New Jersey's $80 billion pension fund confirmed Tuesday that the state had sold its stake in a fund managed by a venture-capital firm with ties to a prominent Massachusetts Republican, months after the investment drew scrutiny over pay-to-play concerns. The state earlier this month sold its interest, valued at $12.7 million, in General Catalyst Group VI for $14.1 million in cash to Washington University in St. Louis, the Treasury Department said.
January 19, 2014 |
Venture capitalists invested $420.3 million in Philadelphia-area companies last year, up 1.2 percent from the year before, according to the MoneyTree Report by PricewaterhouseCoopers L.L.P. and the National Venture Capital Association. The report, released Friday and based on data from Thomson Reuters, also showed that venture capitalists nationally invested $29.4 billion in 3,995 deals, a 7 percent increase in dollars and a 4 percent increase in deals. Locally, the number of companies receiving venture capital equity investments increased 9.9 percent to 122 from 111. In the fourth quarter, 34 Philadelphia-area companies received $81.6 million in investments.
November 4, 2013 |
Philadelphia's salesman-in-chief launches his international pitch Sunday at London's iconic Savoy Hotel, which boasts itself as "brilliantly reinvented for the 21st century. " That's not quite Mayor Nutter's claim for Philadelphia, but not terribly far from it. For the next eight days, first in London and then Tel Aviv, Nutter and a small armada of area agencies, boosters, and businesses will sell Philadelphia as a world-class city open, as the mayor says, for business. Nutter and his contingent, among other things, are looking to persuade overseas companies to expand to Philadelphia and consider partnerships and sales agreements with firms in the area.
October 31, 2013
MAYOR NUTTER leaves Friday on a 10-day trade mission to the United Kingdom and Israel. When his delegation gets to Tel Aviv, there will be plenty to see and learn. Other cities look with envy at Tel Aviv, a sister city to Philadelphia. And no wonder: Israel attracts nearly twice the venture capital per capita of the U.S., and has 5,000 startups per capita, more than any other country despite a population of just 7 million. Berkshire Hathaway, chaired by Warren Buffett, made its first investment outside the U.S. in 2006 when it paid $4 billion for an 80 percent stake in Israeli tool-maker Iscar Metalworking.
October 26, 2013 |
Philadelphia jumped into venture capitalism with both feet Thursday, investing in wild rice masala with seared salmon. Well, that might be a bit misleading. The city, through Startup PHL Seed Fund, has invested in Real Food Works, a young company that delivers fresh, healthy meals to clients looking to eat well and lose weight. Startup PHL, a joint effort of the city's Commerce Department and the Philadelphia Industrial Development Corp. (PIDC), will provide $200,000 in seed money to Real Food.
October 15, 2013 |
The University City Science Center celebrates its 50th anniversary on Thursday, touting its record as the nation's oldest urban research park. Its incubator hatched 350 firms, with 93 still local. Famous hatchlings include SEI Investments, Bentley Systems, and Centocor. Buckminster Fuller, inventor of the geodesic dome, was "resident genius" in the 1970s. These days, chemical engineer and business executive Stephen S. Tang, 53, leads the nonprofit science center, which now includes 16 buildings, housing 70 companies and 30 new ventures, together employing 8,000.
September 19, 2013
IN 1991, GEORGE Gendron, then-editor of Inc. magazine, penned a column about the best places to do business in the United States. He wrote that Philadelphia was "the Baghdad of the U.S. economy. Nothing works. Don't tell me about all the hot young Philly growth companies. Of the 20 Inc. 500 companies in the metro area, 19 are located as far out of town as they can get. " So what's changed in 22 years? Not much, according to a report Sept. 4 on the website The Atlantic Cities.
May 12, 2013
Sam Hinkie just completed his eighth full season with the Rockets. He has been the executive vice president of basketball operations since 2010. He was hired in Houston as the youngest vice president in the NBA in 2007. Before that, he spent two seasons as special assistant to the Rockets general manager. He is seen as an expert in analytics, the day-to-day management of basketball operations, the salary cap, and scouting college and other pro players. Before joining the Rockets, Hinkie advised two NFL teams on draft strategies and using statistical analysis to improve decision making.